Should you purchase long-term care insurance? The decision depends on a number of factors, including your age, gender, health status, income and assets. Here are some of the most important factors to consider, according to the National Association of Insurance Commissioners:
- Age: The longer you live, the more likely it is that you will need long-term care. As a result, premiums rise with age. The younger you are when you purchase this coverage, the lower your premiums will be.
- Gender: Women are more likely to need long-term care because, on average, they live longer and are likely to outlive their husbands.
- Health Status: If chronic or debilitating health conditions run in your family, or you have one or more major health issues, long-term care insurance could be a good choice. However, your premiums likely will be higher than another person of the same age and gender with no health issues.
- Income and Assets: You may choose to buy a long-term care policy to protect assets you have accumulated. But long-term care insurance can be costly. It may not make sense to purchase long-term care coverage if you don’t have much in the way of assets or you have a limited income
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